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PASC COVID-19 Discussion Forum

The words “unprecedented” and “new-normal” are becoming common terms in today’s business environment.  With the economic downturn as a result of the COVID-19 pandemic, compounded in western Canada by the collapse in oil prices from global over-supply concerns and limited storage capacity, governments and business at the local, national and global levels are being challenged to rethink and retool in response.

In keeping with its mission to support the Canadian petroleum industry by identifying and addressing its accounting needs, PASC has set up a forum to discuss the accounting implications of operating under the current environment and any additional go-forward considerations to collaborate and discuss with your industry partners.

We invite members and industry stakeholders to begin the dialogue by submitting questions on the financial accounting, joint venture accounting, chargeability and joint venture audit implications and challenges we face now and as we move forward.  A multi-disciplinary group will do its best to provide suggestions and guidance with reference and due consideration to accepted accounting practices, existing PASC Accounting Procedures and typical agreements governing industry joint venture operations.

Please submit your questions to: info@petroleumaccountants.com  Subject Line:  COVID-19

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OVERVIEW OF GOVERNMENT BENEFIT PLANS & INITIATIVES

FREQUENTLY ASKED QUESTIONS

 

 Disclaimer

The Petroleum Accountants Society of Canada (PASC) does not assume any liability for the use or reliance upon any statements, whether oral or written or any procedure or publication (collectively, the “Forms”) or any variation thereof. Any use or reliance upon the Forms shall be at the sole discretion and risk of the user party and such user party agrees by the use of any of the Forms to release and hold PASC harmless from any or all harm. PASC further assumes no responsibility concerning the utility or operation of all or any part of the Forms, including but not limited to, any person’s or corporation’s particular requirements, and assumes no responsibility for any harm, losses and liabilities suffered, sustained and incurred, regardless of how they may have been occasioned, from the use of misuse of all or any part of the Forms. PASC responds to questions from time to time and any answer given is based solely on the amount of detail provided in the original question. PASC makes no warranty, expressed or implied, whether in fact or in law with respect to the Forms and to any response provided herein.

 

 



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